I assume you're talking about doing BIOS updates, right? That actually updates the firmware on the chipset and CPU, both of which are critical for gaming (and all applications really).
However, my attitude is generally, don't touch it if it isn't broken. If you're encountering an issue, such as occasional freezing, then definitely update the BIOS. You never know, it might fix your problem. If your machine is running fine though, I wouldn't touch it.
Check windows "device manager" in the control panel. If you don't see any conflicts, then you should be fine. You can also install the latest radeon catylist. AMD just released a new version today on their website.